Benefits of AI in Finance and Banking
Artificial Intelligence (AI) is a tool of great value for Finance. Indeed, through the use of AI applications and platforms, businesses specialised in economy and finance can hugely improve their trade strategy, better manage their risks and organise their documents. According to a survey conducted by the National Business Research Institute, “32 percent of [respondents] confirmed using AI technologies such as predictive analytics, recommendation engines, voice recognition and response.”
(Source: Medium)
Productivity Gains
Using AI, whether it be in finance or in any other field really, improves your business’ productivity and that of your employees. Process automation has huge benefits for the finance sector as it reduces the time spent on highly repetitive tasks. The data collected following various conversations with the clients can be easily sorted out and classified accordingly.
Thanks to Business Process Automation (BPA) and Robotic Process Automation (RPA), your company can easily use technology to improve its efficiency and to enable employees to focus on more interesting aspects of their work. Both BPA and RPA lower operational costs and provide great return on investment results, which is nor negligible, especially for the finance sector.
Equally useful is Natural Language Processing (NLP) which helps provide a better customer experience through the development of chatbots. Chatbots are here to assist customers and try the best they can to provide you the answers you need, thus reducing the workload of some employees. The survey mentioned earlier revealed that “13 percent of respondents [use] AI to enhance productivity.”
Limiting Fraud in Finance
Fraud is a huge concern for financial institutions. With the rise of online purchases, banks need to be even more cautious and vigilant about this. A report made by the Center for Strategic and International Studies (CSIS) reveals that “cybercrime now costs the world almost $600 billion, or 0.8 percent of global GDP” and significantly impacts banks and financial institutions. In this regard, AI comes in handy. MasterCard has even made the bet of AI to reduce fraud rates and make online transactions safer for their customers.
AI fraud detection systems are incredibly efficient as they can track if anything is abnormal in the customer’s behaviour when purchasing a product. Indeed, through the analysis of the usual buying habits of the client, the system identifies a certain pattern. Were this pattern to abruptly change, a security warning could be issued so as to prevent cybercrime and credit card fraud.
Reducing the Risks through AI
Collecting a large amount of data and having to manage it can prove to be tricky. AI algorithms are thus incredibly useful to help companies navigate through that much information and to structure the documents, a responsibility that can be draining and highly time-consuming for employees.
Using algorithms, AI is able to identify patterns and, through Machine Learning for instance, can learn not to repeat the same mistakes twice. This means that risks are less likely to happen as the machine has assimilated the notions taught.
Better Financial Trade and Investment
There has been a significant growth in the use of data-driven investments. This is due to the fact that AI machines can predict certain patterns and outcomes and are thus beneficial to the trading business.
AI systems can help the company make promising investments and are able to guide its choices by offering suggestions best suited to the demand.
Improved Customer Service
Customer service in finance is improved thanks to the use of AI for several reasons. As we mentioned earlier, the use of chatbots enables better communication with the clients. More so, the report The Rise of AI in Financial Services reveals that AI helps customers make financial choices best suited for them by guiding them. Some apps are here to advise you on how to spend your money, to increase your savings and where to invest. Ultimately, it helps customers reach their financial aims.
2OS : Artificial Intelligence for Finance
2OS has always had a strong connection with finance. In 2016, 2OS was selected as part of the BNP Paribas Innovation Lab to accelerate the development and the launch of the solution.
So what does the 2OS platform offer? Thanks to the 2OS no-code platform, you merely need a few hours to create an AI application without any line of code. The interactive guide enables you to immediately use our platform without any instructions or training.
As mentioned previously, one of the greatest challenges for banks is their ability to collect and process customer data properly. This data represents a considerable strategic and commercial asset. Unfortunately, it is stored in many poorly organised and poorly connected repositories. To avoid this situation, 2OS solution can help solving problems by the creation of a unique and dynamic data model. Banks will be able to access real-time data governance and quality analysis. Regardless of the topic (Financial AI, Business Process Automation, Risk Management, Compliance, Automatic, Document Analysis, KYC…) or the industry in which you are specialised (Finance, Banking, Insurance, Healthcare, Law, Accounting…), 2OS will solve your problems with unprecedented efficiency.
